everyone, today. and Hello, you thank you, us for Thank joining Brett.
the off our Our from second predicted expectations. part, most results for quarter were,
industry side on common entire constant to problem pressure the and downward continues of Assure, care be reimbursement the and theme On payors. from the and entire battle the continued the health revenue against the IONM industry for business, insurance
has and Assure of week, started services process apparent expectations reimbursements inequities companies. help year and health industry favoring the this to negotiate And not large care process been the equitable because the last federal earlier was would the successful. optimistic that This entire halted litigation IDR yet had for process that insurance process health We in entire provided. this
hoping will We and this bring that courts federal and the are the process equity intervene to near the government some in term.
The the payors consolidation. has by nearly last presenting per reimbursement at insurance of midpoint health and challenges, from are the barely XXXX. end industry. Reimbursements $X,XXX us during for than Over XX%, but for industry just IONM not extremely remains nearly years, only our three XXXX care to of procedure from average providers for the entire poised to $X,XXX fragmented and more and fallen the
the have of have capital made fatalities year. platform our competitors well become capitalized, access to not Many in don't reimbursement become and and already the ready are have not investment this insolvent
to our learning function, competitors. key are Assure our leverage experience in scale cycle and many of the sophisticated for cash building differentiator through a and experience We us contrast revenue of Given compelling opportunities a industry is collections to in our the and there continued and believe management challenges acquisitions. apply data-driven for management
have to help million completion that volume $X our additional to public proven With for add a obtained proceeds, help we recent in gross to have of the offering capital we grow successful business. access
to M&A more an standpoint. become from expect attractive. further, active be to valuations even And we expect We
closer will to consolidator serve operations breakeven. for there be additional to get further a Assure and that expect scale We our to opportunities as
lower trend to continue expenses year-over-year. operating Our
steady, We have operational increasing measurable towards made efficiencies and improving our progress profile. financial
consolidate we unprofitable part we $X anticipated priority cut and our than key numbers, spending exited million had unfortunately, forecasted. attempted year downward lower of as past business. lean During even run made during The over last XXXX of to we we were and this latter year, reimbursement, a lower reimbursement as the markets proactively and
cut year continue the running and leaner for costs of the continue XXXX. process We with to
profitability. We will company as in from half of a to are higher benefit during mix paying volumes fourth higher our commercial and from planning further and second margins cost volume to get nearly the $X targeting third The higher benefits of XXXX. cutting, million XXXX the in cases closer quarters
a Innovation which and currently the acquisition next Subsequent to of we This to XX this significant serves Carolina, year. significantly hope stock. cut business The in surgeries market cash expand volume have current Innovation new fourth more us. end, for is year, our $X.X help but we in quarter for and than announced of will Neuromonitoring burn and we to Texas, the our expect assets share in additional million X,XXX concentrated over South months. quarters market from third both in each us
with rate As weeks, great recent the the you in that success reimbursement Texas going By utilizing decrease may date. of reimbursement has benchmark. year, for and experienced last claims Texas arbitration to that's recall, lowered intraoperative neuromonitoring we that services And state again We've in we meaningful a rate in October the reset learned benchmark. been its forward.
could have reimbursements the in making to market. we Texas All are we the adding proposed markets; things: in at not through towards core business our to continuing challenges seen are yet concerned volume in profitable are run remain operating costs leaner. are our industry-wide implications the to both on both with We growing financials that reimbursement. by such potential the rate, impact despite all, two two, While come and and in evaluating persist expanding that focused have reduce and we the regards progress encouraged changes the we
during optimistic We cash latter operations about part the flow from of improving remain XXXX.
impact couple our on non-operating items that in a financial positively an could lastly, of And update position XXXX.
where former is services two trial is scheduled of has are two to We're early do to First seeking in in payment October early and other the to Louisiana, go One litigation. with for we for to involved in litigation provided partners. in scheduled pieces trial XXXX.
September. piece early X-finger of latter in discussion represent amounts We on These a have restitution. claims settlement of litigation this
ERC, as mentioned refundable down a call, last pandemic. the in we businesses last credit continue credit, during shut COVID-XX Second, for for pay retention tax earnings while -- filed to or the have employees our that employee
filed returns tax amended for XXXX 'XX. years the and ended have We
We from $X.X million. the approximately of expect IRS cash refunds
widely and facing and part surgeries. our industry are summary, that results considered the challenges during these we the can term. remain to reimbursement short neuromonitoring headwinds term be In XXXX. in the vital optimistic disbursement broader is in the long proposition of services surgeons We the strong, for are that our standard is improve room not latter is of care and complicated our a is it during the that despite resource agree business compelling operating Demand
will Next, financial the John us John? quarter. Price walk second the for through results
